Cherry Hill New Jersey Lien Stripping Lawyer
If your home was used as collateral to secure any type of loan, a lien was likely put on your house by the lender. A second mortgage is considered a type of lien. Liens are also frequently put on homes by contractors when major improvement projects, such as a roof replacement or a remodel, are undertaken. In general terms, liens give the holder the right to initiate a foreclosure sale on your home to collect the amount that is due if payment is not received.
Many people who are facing the foreclosure of their homes in these situations do not understand their rights or the legal options that may be available to protect their interests. One option may be to have the liens removed through a process called lien stripping. There are certain criteria that need to be met in order for the liens to be stripped, and a specific process must be followed.
Lien stripping can be a complex undertaking for people who are not familiar with it. The assistance of an experienced New Jersey lien stripping attorney can help to ensure a successful outcome. I am Cherry Hill bankruptcy lawyer Joel R. Spivack. I provide comprehensive debt relief services to clients throughout South Jersey and the Philadelphia area.
How Does Lien Stripping Work?
In these cases, liens are secured by your home. Your primary mortgage takes precedence over all other liens in terms of seniority. If at any time, the actual value of your home falls below the amount that is owed on the primary mortgage, there is no value left to secure other liens. Any lien other than the primary mortgage then becomes unsecured debt. Stripping second mortgages and other unsecured liens can be done as part of a Chapter 13 bankruptcy.
It should be noted that while you have the legal right to have liens removed in these situations, the lien holders also have the right to challenge such removal. If a challenge arises from any lien holder, I will be there to represent you. I will present the strongest possible argument to support your right to have the lien removed.
Discuss Your Lien-Related Questions with a Cherry Hill Second Mortgage Attorney
If you are facing the threat of losing your home, you owe it to yourself and your family to pursue every available option to save it. Contact me today to schedule a face-to-face consultation at my Cherry Hill office. My regular business hours are 8 a.m. to 5 p.m., Monday through Friday. Free parking is available. You can reach me by phone at 856-488-1200 or toll free at 866-488-2196. You can also contact me via e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.